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International Money Express, Inc. (NASDAQ: IMXI), also known as Intermex, is a prominent provider of money transfer services focusing primarily on the U.S. to Latin America and the Caribbean (LAC) corridor. Founded in 1994 and headquartered in Miami, Florida, Intermex has established itself as a leader in the digital movement of money, offering services through various channels including agent retailers, company-operated stores, a mobile app, and the company’s websites.
Intermex’s core offerings include wire transfers, money orders, foreign exchange, and check cashing services. The majority of its revenue is derived from fees associated with wire transfers and money orders. With a robust network of over 30,000 payer locations, the company operates in 45 American states and 16 Latin American countries, ensuring easy and convenient access for customers.
Notably, Intermex has recently expanded its integration with Visa Direct, enabling U.S. customers to send money to eligible Visa Debit Card holders in 20 countries. This strategic move underlines the company’s commitment to enhancing its remittance services and ensuring seamless financial transactions across borders.
Intermex reported strong financial performance in the first quarter of 2024, achieving a record-breaking start with significant growth in revenues and net income. The company’s total revenues for the quarter were $150.4 million, up by 3.5%, while net income increased by 2.9% to $12.1 million. Additionally, the company experienced a 3.0% increase in unique active customers, generating 13.5 million money transfer transactions worth $5.5 billion in principal transferred.
The company’s strategic initiatives, such as the partnership with Félix Pago, demonstrate its commitment to innovation and customer-centric services. The partnership allows users to transfer money via WhatsApp, integrating remittance services into their everyday communication tools with fees as low as $2.99.
Intermex continues to invest in growth and operational efficiency, as evidenced by its recent move to a new headquarters in Miami and ongoing technology upgrades. The company’s stock repurchase program further underscores its strong financial position, with shares repurchased for significant amounts in the first quarter of 2024.
With international offices in Puebla, Mexico; Guatemala City, Guatemala; and Madrid, Spain, Intermex is well-positioned to continue its growth and expand its services. For more information, visit www.intermexonline.com.
International Money Express, Inc. (NASDAQ: IMXI) has announced an amendment to its revolving credit facility, increasing the maximum borrowing amount from $150 million to $220 million. The new terms and interest rates remain unchanged, with the facility set to mature in 2026.
Additionally, the amendment introduces an uncommitted incremental capacity of $70 million, available for future borrowing. The CFO, Andras Bende, stated that this financial flexibility could support organic growth and potential mergers and acquisitions, as well as facilitate opportunistic share buybacks.
Intermex operates a network for money remittance across more than 60 countries, using proprietary technology since its inception in 1994.
International Money Express, Inc. (NASDAQ: IMXI) will announce its First Quarter 2023 earnings on May 4, 2023, before market opening. The company will also host a conference call at 9:00 am ET on the same day to discuss financial and operational results. Investors can access the call by dialing 1-877-210-0456 for domestic or 1-212-231-2914 for international inquiries, or via a webcast. An audio replay will be available until May 18, 2023. Founded in 1994, Intermex provides money transfer services from the U.S., Canada, and Europe to over 60 countries, utilizing a network of agents, stores, a mobile app, and online services.
Intermex expands into the European remittance market
On April 5, 2023, International Money Express (NASDAQ: IMXI) announced the acquisition of LAN Holdings, Corp., which includes I-Transfer Global Payments, a Spain-based money transmitter. This acquisition enables Intermex to offer outbound remittances from Spain, Italy, and Germany for the first time, enhancing its presence in Canada and expanding its global footprint to over 60 countries.
Intermex paid $8.6 million for the acquisition, emphasizing its commitment to profitable growth and superior service for customers and partners.
International Money Express (NASDAQ: IMXI) announced significant growth in key financial metrics for Q4 and full-year 2022. Revenues soared to $154.4 million, a 21.4% increase year-over-year, while net income slightly decreased by 0.5% to $13.1 million. Adjusted net income rose 10.4% to $17.6 million, reflecting strong operational performance. The company reported a record 13.7 million transactions, a 23% increase, contributing to a principal transfer amount of $5.8 billion, securing a 22% market share in key Latin American markets. For 2023, Intermex expects revenues to rise between 22% and 26%.
International Money Express, Inc. (NASDAQ: IMXI) will release its Fourth Quarter 2022 earnings on March 8, 2023, before trading begins. Management will host a conference call at 9:00 am ET to discuss the financial and operational results. Interested participants can join by dialing 1-844-826-3033 domestically or 1-412-317-5185 internationally, or via webcast. An audio replay will be available from 12:00 pm ET on March 8 until March 22, 2023. Founded in 1994, Intermex facilitates money transfers to 16 Latin American countries, eight African countries, and two Asian countries through various channels.
International Money Express, Inc. (NASDAQ: IMXI) announced significant executive leadership changes to bolster its operations and innovation. Christopher Hunt, previously Chief Information Officer, is now acting Chief Operating Officer, retaining technology oversight while taking on product development and operations. Joseph Aguilar, former Chief Operating Officer, transitions to President and General Manager for Latin America, focusing on operations in Mexico and Guatemala. Chairman and CEO Bob Lisy expressed confidence in these appointments, believing they will enhance efficiency and shareholder value.
International Money Express (NASDAQ: IMXI) announced its participation at the 25th Anniversary ICR Conference in Orlando, FL, on January 10, 2023, at 3:30 p.m. ET. The presentation will feature comments from Chief Financial Officer Andras Bende. Interested investors can access the event via a webcast at here, with an archived version available post-event.
Founded in 1994, Intermex specializes in remittance services, allowing money transfers to 18 Latin American and Caribbean countries, plus others in Africa, Asia, and Europe.
International Money Express, Inc. (NASDAQ: IMXI) announced its presentation at the UBS Global TMT Conference in New York City on December 6, 2022, starting at 2:10 p.m. ET. The presentation will feature comments from Andras Bende, the chief financial officer. Interested investors can listen via a webcast. An archived version will be available after the event.
International Money Express (NASDAQ: IMXI) announced a First Amendment Agreement to its Credit Agreement with KeyBank, replacing LIBOR with SOFR as the benchmark interest rate. This amendment enhances the company's financial flexibility, enabling it to repurchase shares of its common stock without limitations, provided its Consolidated Leverage Ratio remains 2.25 to 1.00 or lower. The annual cap for restricted payments has been set at the greater of $23.75 million or 25% of Consolidated EBITDA. CFO Andras Bende emphasized that this change supports growth and financial strength.
International Money Express reported strong Q3 2022 growth, with revenues of $140.8 million, up 16.6% year-over-year. Net income rose 44.5% to $16.6 million, and diluted EPS increased by 48.3% to $0.43. Adjusted net income reached $20.7 million, a 32.3% increase. The acquisition of La Nacional boosted the company’s market share to over 20% in key markets for U.S. remittances to Latin America. As of Q3, cash stood at $105.1 million, and the company reaffirms its 2022 revenue guidance of $542-$551 million, representing an 18%-20% year-over-year increase.
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